One year ago, I took office amid two wars, an economy rocked by a severe recession, a financial system on the verge of collapse, and a government deeply in debt.

WHITEHOUSE: The 2010 State of the Union Address

Mr Obama said he had taken office a year ago "amid two wars, an economy rocked by severe recession, a financial system on the verge of collapse, and a government deeply in debt".

BBC: Obama hopes to boost economy with high-speed rail

And our government is deeply in debt after what can only be described as a decade of profligacy.

WHITEHOUSE: Budgeting for a New Era of Responsibility